News: Tiger Resources chairman Neil Fearis increases stake on-market

Tiger Resources (ASX:TGS) chairman Neil Fearis has increased his indirect interest in the company through an on-market purchase.

Indirect interests of Fearis acquired 300,000 shares in the company for $19,500, or an average of $0.065 each. He now holds 500,000 shares.

In January, the company forecast 2015 production from its Kipoi Copper Project in the Democratic Republic of Congo to be 25,000 tonnes of copper cathode at an all-in sustaining cash cost of between US$1.57 and US$1.67 per pound.

It also expects to be in position to confirm timing of the Phase 2 expansion to 50,000 tonnes per annum once long term finance facilities are in place that are suitably to the projected Kipoi cashflow profile.

Project optimisation work continues with potential to lower mining costs versus feasibility assumptions. This also includes the reduction or removal of the tank leach (the majority of the Phase 3 capital estimate), which will further enhance project returns.

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